La-Z-Boy swings to 4th-quarter loss as sales fall 9.8%

RobertDaniel

TEL AVIV (MarketWatch) -- La-Z-Boy Inc.,
LZB, +0.15%
the Monroe, Mich., producer of residential furniture, swung to a fiscal fourth-quarter loss from a year-earlier profit on 9.8% lower sales. For the quarter ended April 26, the loss was $4.4 million, or 9 cents a share, compared with net income of $7.7 million, or 15 cents, in the year-earlier period. Continuing operations produced a loss of 9 cents against profit of 16 cents. The latest period reflected charges of 4 cents a share tied to the closing of its Tremonton, Utah, upholstery facility, and 7 cents related to the February refinancing of certain privately placed notes. The year-earlier period included a charge of 8 cents to close facilities and stores and a gain of 14 cents on property sales. Sales fell to $368 million from $408.1 million. For fiscal 2009, La-Z-Boy expects to earn an adjusted 15 cents to 25 cents a share as sales drop 3% to 7% from fiscal 2008's $1.45 billion.

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